An anonymous director reports

SIERRA METALS ACKNOWLEDGES RECEIPT OF AMENDED BID

Sierra Metals Inc. has acknowledged the press release and notice of variation and extension dated May 1, 2025, filed by Alpayana SAC announcing an increase to the offer price for its proposed takeover bid to acquire all of the common shares of the company from $1.11 to $1.15 per common share.

The company's board of directors is reviewing the notice of variation and expects to make a recommendation to shareholders over the coming days.

The notice of variation states that the expiry time of the proposed takeover bid has been extended until May 12, 2025, and the board notes that the proposed takeover bid remains subject to a significant number of conditions that are not subject to materiality thresholds or reasonableness standards or any other objective criteria but rather are in Alpayana's sole discretion.

About Sierra Metals Inc.

Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals byproduct credits at its Yauricocha mine in Peru and the Bolivar mine in Mexico. The company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

We seek Safe Harbor.